Don’t want to say too many details but I currently have two offers for Summer 2025. One is for a BB in NY. The other is a small, boutique IB in my hometown. Relatively unknown but they are working on growing to do larger deals. Pay is equal but my hometown has lower cost of living and no state income tax. My dream is to do PE in a few years, so, if you were in my position, which would you choose?
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Based on the most helpful WSO content, here are some key considerations for your decision:
Big Bank (BB) in New York:
Pros:
Cons:
Boutique IB in Hometown:
Pros:
Cons:
Recommendation:
Given your goal to transition into Private Equity (PE) in a few years, the BB in New York might be the better choice. The brand name, extensive network, and structured experience at a BB can significantly enhance your profile for future PE recruiting. However, if you value a lower cost of living and greater immediate responsibility, the boutique IB in your hometown could also be a viable option.
Ultimately, the decision should align with your long-term career goals and personal preferences.
Sources: Can't decide between soph internship offers (Equity Research at BB vs IB at a Boutique), What offers would you take over a BB S&T?, Summer - BX RE vs. Top3 BB IBD, My Four Year Plan, https://www.wallstreetoasis.com/forum/investment-banking/qa-md-in-ma-and-capital-markets-with-bulge-bracket-and-boutique-experience?customgpt=1
No brainer NY BB, if your goal is PE, then prestige matters. Going to have to sacrifice the taxes and HCOL to get a better exit.
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